Titan's 'Gold Plus' Eyes 25% Growth in Rural Indian Gold Jewellery Market

NEW DELHI (Scrap Monster):Indian jewellery major-Titan is aiming at ambitious 20 to 25% growth in its rural gold jewellery market in the country. The company plans to touch a turnover of Rs.1,000 crore this year, by promoting the sale of jewellery through its retail gold chain ‘Gold Plus'. Titan, for the first time plans to boost the store sale through extensive mass media marketing.

The company intends to promote Gold Plus as a stiff competitor to traditional jewellers in the semi-urban areas of the country. The GoldPlus, being a branded jewellery is currently priced above those offered by traditional jewellers. However, the company claims that there are many instances where the local jewellers fail to conform to purity standards. Titan plans to lower the making charges on jewellery, which will make the jewellery less costlier and affordable for general public in India. Earlier, Gold Plus jewellery was 5 to 10% costlier.

The brand by itself had reported flat growth during last year. The company has decided not to open new outlets of Gold Plus jewellery this year. Instead it plans to make aggressive marketing campign which could boost the same store growth by at least 20 to 25%, which should take the annual turnover to more than Rs 1,000 crores.

The company has also decided to stock gold jewellery with traditional designs. The company notes that traditional design is more popular than modern design in smaller towns and rural areas.